Spotify will go public on April 3


They also revealed that Spotify would provide full-year financial guidance on March 26.

The long presentation - which actually took a 10-minute break after the first hour - featured cofounder and CEO Daniel Ek along with senior executives Paul Vogel, Seth Farbman and Gustav Sodorstrom dropping some key data points amid long speeches and artist-heavy videos plugging the company, its services and its future.

Sony is the biggest industry shareholder with a 5.7% holding in Spotify.

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Spotify had announced the long-awaited public listing on February 28 without giving a date. It must convince investors that its business is sound and that investors who buy shares in the public market debut will not be hurt by unexpected volatility.

"I think the traditional model for taking a company public isn't a good fit for us", said Mr. Ek, who said he won't ring the bell the day Spotify's stock opens on the New York Stock Exchange.

Unusually, the company is not issuing new shares as in a traditional IPO. The Swedish company said it not only courts users but also artists, with production tools and data analytics, as it strives to be a marketplace for connecting both established and new artists with fans.

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Spotify is twice the size of Apple Music, its closest competitor in the streaming music market, the Sweden-based startup said last month in a regulatory filing for its IPO.

"Something for nothing. It's the greatest value proposition in the history of the world", said Gustav Söderström, Spotify's head of research and development.

Amid his familiar wide-eyed predictions about the company's future, Ek confirmed that the service now has 71 million global subscribers, along with 3,500 employees and more than 35 million tracks - "but we're just getting started".

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Thanks to its free tier, Spotify is able to claim 159 million overall users.